Florida Couple File Lawsuit Against Bank of America for Mortgage Servicing Fraud, Loan Modification and RICO without an Attorney

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Palm Bay, Florida, United States of America (Free-Press-Release.com) March 8, 2011 -- The lawsuit filed in Florida alleges that Bank of America has elaborated malicious schemes against homeowners when it comes to servicing their loans and loan modifications. Bank of America has been widely accused of fraudulent practices by many homeowners all across the country. Currently, Bank of America is being sued by the Attorney Generals in both Nevada and Arizona for their “widespread fraud” against homeowners. All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures.

Of all major U.S. banks, Bank of America has the lowest percentage of permanent loan modifications. The Plaintiffs state: “Many homeowners that were provided “permanent” loan modifications with Bank of America, will eventually be forced to default once again making them vulnerable to foreclosure. The word “permanent” is not the case when it comes to loan modifications with Bank of America. Bank of America’s mission is to foreclose on homes which makes it more profitable for them even though they “agreed” to participate in the HAMP program when they accepted 45 billion dollars in taxpayer money. They need to be stopped.”

Bank of America received 45 billion dollars in bailout funds to assist homeowners in default or in risk of default. The lawsuit alleges that Bank of America intentionally loses homeowner’s documents that they submit in order to qualify for a loan modification and they will also request those financial documents many times in order to prolong the modification process therefore, causing the homeowners to seriously default and lose their homes. It further claims that Bank of America told them to fall behind on their payments in order to qualify for the loan modification. They did as they were told and missed one payment. Bank of America would then repeatedly tell them that they were behind four payments when they were only behind one payment.

The Plaintiffs, Mr. Echeverria and Mrs. Santamaria, were pre-qualified for a loan modification in January 2010 and allege that Bank of America consistently mislead them and provided false information. The couple requested a loan modification due to their increasing expenses because of their Autistic son. Mrs. Santamaria’s hours at work were reduced and in addition has to care for their son when he is not in school. They do not receive any monetary assistance for their son or for their daughter who was diagnosed with Asperger’s Syndrome. The lawsuit alleges that Bank of America was also aware of their special circumstances and continued to prolong the loan modification as long as possible and then denied them in September 2010 for not submitting documentation.

The Florida couple previously had Taylor, Bean & Whitaker as their mortgage servicer but their loan was then transferred to Bank of America in August 2009 after TB&W were forced to close down. The couple had a perfect payment history with Taylor, Bean & Whitaker even though they were struggling to make their payments months before the transfer. The true problems began when Bank of America acquired their mortgage.

Mr. Echeverria and Mrs. Santamaria hired an attorney in late March 2010 to assist them with their loan modification and ongoing problems with Bank of America but they did not cooperate with their attorney and refused to solve their ongoing issues. The couple had no other choice than to file a lawsuit against Bank of America for their illegal practices. The lawsuit also alleges that Bank of America consistently demanded erroneous amounts from the Plaintiffs and that they embezzled money from their escrow account. The Plaintiffs plan to prove in court the intentional and evil nature in which Bank of America operates. The lawsuit alleges that Bank of America is a “racketeering enterprise” and that “there is a systematic pattern of deception, fraud and terror caused by Bank of America (BAC) against its customers”.

At the time of the closing in February 2008, the mortgage was given to Mortgage Electronic Registration Systems, Inc also known as MERS. Recently, it was ruled that MERS has no right to transfer mortgages under its membership rules. Judge Robert E. Grossman added: “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.” The case is In re Agard, 10-77338, U.S. Bankruptcy Court, Eastern District of New York Central Islip.

The Plaintiffs are suing for statutory, actual and punitive damages due to severe emotional distress. The case is Abdiel Echeverria and Isabel Santamaria v. BAC Home Loans Servicing, LP and Bank of America, N.A., case no. 6:10-CV-01933-JA-DAB.

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